tv The Dylan Ratigan Show MSNBC March 16, 2012 1:00pm-2:00pm PDT
health insurance monopoly give aways. unfortunately we like to fight and point to the other group of charlatans rather than look at ourselves as the char tans we may be, it is more fun to point to someone and call them a charlton than to admit the fact your president is facilitating the largest on-going heist in american history with the banking system, and just passed a massive give away to a codified health insurance monopoly and called it healthcare reform. i think it is fun to point to the other guy. it is interesting how that helps you avoid looking at how your own people are destroying america, too, you know? >> yeah, i sort of follow you, dig and. you appear to be enjoying the sunshine in los angeles. please go ahead. >> thank you so much. the show starts now!
good afternoon. i am dylan ratigan, we are on the west coast, i will be on "real time" later with bill maher. the stock market, the icing on the sick and dying pig of our debt looks fantastic thanks to the federal reserve money printing which artificially creates a buoyancy in the he can quit markets that could last for years until it collapses in the face of money printing and fraud on the back end. meantime, feels good on your 401(k). dow over 13,000, s&p 500, closer to a record high. if those numbers are the only ones you choose to focus on, you're pretty psyched, the economy is back, as long as you ignore the trillions or lack of investment in the country and lack of unemployment. all those things, theoretically the responsibility of wall street, they're paid to invest in good ideas that solve our problems, but who needs to do that when you can steal somebody
else's money and pay the government off to cover it up. that sentiment ultimately reflected in this week's damning public resignation of goldman, sachs director greg smith. according to his "the new york times" op-ed, he couldn't take the destructive nature. take away credit requirements and make credit insurance fraud legal, what do you expect the culture to do. many criticized smith for comments, more as a reflection of airing dirty laundry in public, and not everyone disagreed. henry goldman iii, the grand son, tells business insider he thinks smith's scathing review was actually spot on. goldman says it is not just at his great grandfather's firm, but he believes the toxic culture effected all of wall street. i would say removal of all capital requirements in legalization of opaque, secret credit insurance sales to the tune of $700 trillion, and
pretending it is not a problem, walking around like it is all good may have something to do with that. i want to bring in the former chairman of the inquiry commission. his op-ed posed a question we have been asking since the collapse. will wall street face justice? i can't think of anything greater than forcing them to use their own money. think of the bra sill yans, ceos and board members are on the hook for what happens. think about any public market, stock market, credit market where if i want to buy something, i have to use my own money. yet wall street legalized this credit insurance to the tune of hundreds of interests of dollars where they don't have to put up any money as long as they are too big to fail in aaa, then they scratch their heads wondering who is screwed up. i think we're screwed up. >> this letter from greg smith this week shouldn't be surprising. we have seen almost no change in culture since 2008, let's be frank about it, wall street was
spared consequences of recklessness by trillions of dollars in bailout. people point to tarp, the $700 billion bailout, but in the end, the taxpayers front electrical yops of dollars for 24 separate programs to save wall street and goldman, sachs, which was circling the drain in the week after lee man. they went from $21 million cash on hand to 57 million. they were saved by a direct infusion of over $100 billion in assistance from the u.s. taxpayers in weeks following the lehman collapse. we have seen almost no correlation between who paid the price for this crisis, american working families, and who drove this crisis, the firms on wall street like goldman that acted in a reckless manner. most troubling to the american people, there's no sense of justice in the wake of this crisis. no feeling that our justice
system investigated what brought our economy to its knees. >> stay with us. i want to bring in business consultant, best selling author with new bok called the advantage, patrick lencioni. patrick, picture two organizations. one, i am a bank, my goal is to invest or lend money. if i invest in a way that's prosperous for investments, i make money. in another business where i sell insurance on other people's money, don't have to post collateral, when insurance claims come in, somebody else pays. would those two cultures create different organizational cultures as well? >> sure. the realities of the business they're in and government regulations and stipulations to run their business by makes a huge difference. for me, what i find interesting in all of this, we can speculate all we want on the motives of
this guy, greg smith, and goldman, sachs, but when we talk about a corporate culture that's toxic, i think it is time we recognize that as probably the single biggest advantage a company has is their culture. more leaders have to realize if they don't take specific steps to keep their organizations healthy, if they don't see this as something rigorous, real that effects their business, but instead is something cosmetic or public relations, this is the kind of things that happen. if the culture there is, in fact, toxic, i think they're going to get punished in the market. if it is not and the letter was written for other reasons, they'll rebound and it will be interesting to see. i hope they're taking it seriously. >> weigh in, please. >> punishment in the market if there are real consequences. >> absolutely. >> people may argue about any one individual. if you look at our report, financial crisising, the very
conduct mr. smith talked about was extraordinarily documented. dan sparks, head of the mortgage unit, mortgage market turned south, goldman starts unloading bad product on its clients, and he is saying in e-mails how the team did a great job of taking big lemons and turning it into lemonade. after goldman decides the mortgage market is in steep decline, they offload toxic product to their clients, then create in the same time frame another $25 million in mortgage securities and sell them to clients and investors. this is the culture of this company, well documented beyond one individual. mr. smith reminds us not much has changed in four years. >> the government is complicit now. >> that's the point. if you have the government creating basically legalized accounting fraud in the way the
banks account for underlying assets, if you have the government saying you do not have to post collateral of aaa rated financial institution, even if you crater the entire western economy, we will give you the accounting fraud relief you need if you pay us in political donations, we will not force your credit default market with everything else in the public. basically if you sent a child to las vegas, had them gamble with somebody else's money and keep the winnings, they lost the money, you gave them ten times more, i go back to the original question, who's the more on? the american people in the government or bankers that keep stealing our money, patrick? >> well, i think that this -- i don't know why this letter was such news. as you said, it is a reminder, but we have known these things quite a long time. >> right. >> i don't know why this is such news. we knew this four years ago.
>> right. >> and by the way -- >> very quickly, i want to say you're right about capital standards. why go through the hassle of making a small business loan where you have to post about 8% in capital reserves when you can have highly speculative leveraged bets with almost no capital. that needs to be changed. also there needs to be real investigation, real prosecution, real consequence for wrongdoing. unless that's there, we're not going to see any change in the culture. >> right. isn't it time, it is 2012. i quit cnbc coming out of the financial crisis four years ago. there has been myriads of books, not the least of which my own in the past few months. this has been talked until we're blue in the face. why don't we come to terms with the fact that we have no interest as a government or culture in changing this. it's almost as if we're talking about how smoking and not going to the gym and eating fatty
foods is terrible for us, then every day we smoke a pack of cigarettes, eat kentucky fried chicken, no offense to kentucky fried chicken, sitting here like oh, my goodness, we don't know what to do. no, no, we know what to do, we just have no intention of changing our behavior. phil, they don't even know what you want to say. why don't we stop pretending, my goodness me, oh, my lord, when we have the information, we just don't want to change our behavior because it will disrupt the flow of capital between the banks and the politicians. the politicians don't want to deal with it. banks obviously don't want to deal with it. and the rest of the world can honestly screw off. we can relax into the afternoon. >> a lot of execs now work in the government. >> we can't accept it because it is destructive. you led off with a good point. this financial system is no longer about providing capital
to build jobs, enterprise and wealth. it is a system of money making money, that's destructive. >> we all know it, the government knows it, everybody on wall street knows it, and nobody wants to do anything about it. that's okay. listen, i don't want to quit smoking. i like smoking cigarettes, it is giving me cancer, i don't want to quit. we know we have a corrupt banking system extracting trillions of dollars from america. we don't want to deal with it. so some people don't have jobs or food. what are you going to do. it is a sad day. for me with smoking and america and the banking system. coming up, on the dr show, from the obviously corrupt bank and relationships, to the war we go. ptsd defense, what new revelations about the soldier shooter mean for the case against him and the future of our investment, if you want to call it that in war in afghanistan, even if we don't have a mission there. and golden apple, rotten apple. highly anticipated release of
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questions about his state of mind. he was told he would not be deployed again, and overnight told he was going back. i think this case is more political than legal, and i am used to legal things, not political things. so i think there will be an effort to try to paint him as a rogue soldier rather than a focus on how we're treating our gis in general, whether we should be over there to begin with. >> an army without a mission, 99.2% of us oblivious to a war being fought by consistently reenlistment from eight-tenths of a percent of our population. that draft in vietnam made the war less appealing, better to send the same people, 5, 10, 15. it is like the worst version of what we saw on wlz. instead of focusing on annihilation of the financial system and gross mismanagement dating back to bill clinton, we obsess about bernie madoff being a criminal and ignore that. this is a perfect occasion to focus on the rogue mad soldier that needs to be put under control, ignore the fact we're in the longest war in america's history without a mission, where we have an army that's a volunteer army forced to reenlist over and over. how much of this conversation goes to lack of mission and the utter abuse of our soldiers, forcing them to go back over and over, and how much goes to the soldier that's the headline for the media. >> dylan, a lot of the conversation goes to america asking what are goals for afghanistan, what can we achieve, is america getting to the point of doing more harm than it's doing good.
i hope this tragic incident will focus people's attention a little more on just how tough it is to be there. this happened after the koran burning incident. tensions increased. it has become much harder for foreigners that are there we have to be careful not to behave as if an afghan life is less worthy than others' lives. at the end of the day, someone went in and massacred the villagers. >> first time in vietnam, they said we were there to win. second half, soldiers went haywire, there are all sorts of horror stories of soldiers raping, murdering, killing children, women, burning whole villages to the ground, being there without a mission. even shooting fire back at commanding soldiers when they would visit them in vietnam out of utter resentment of being
stuck with no supplies and no mission with locals who simply want to kill them, and their only mission is to stay alive. increasingly, the last couple years in afghanistan smell an awful lot like late vietnam, do you get any sense that anyone in washington is reconsidering the decision to ask our soldiers to go through one more bloody summer in afghanistan for me reason? >> you see increase of these incidents when you have long deemployments or understanding of where the mission is going. this has a huge impact on the mood, on the tenor of this conflict, and karzai saying he was looking for deadline of 2013 to restrict presence of u.s. troops only to large military bases and only to kabul, that they shouldn't be as widely
deployed and setting a deadline for that. to be clear, deadlines have come and go in the conflict set by both sides. but he to conclude, karzai explicitly tied that deadline to this incident. so unlike in some sense some of what we saw in vietnam, things being reported slower and later over time, this is a diplomat i can, military bombshell what happened here. >> because of the nature of the communications. crystal, you look at the history of war before nuclear weapons and before the current capabiliti capabilities. there was a case for war with france and england when fighting over a border, any country fighting over a border. maybe not the best way to do it, not the worst, but at least fighting over a border. when you switch and are fighting over ideas, you're not fighting over a border, seems that the end game for a war of ideas tends to end with genocide. the decision is to kill everybody because you don't like their ideas. america right now has a war
against an idea in afghanistan. have we lost our minds? >> i don't think we've lost our minds, at least not all of us, but you're absolutely right. i mean, this is very undefined. it has been undefined from the beginning. it continues to be undefined. look, we don't know what was going through this soldier's head. we don't know what the final straw was. we have no idea what he has been through. what we do know, it is estimated that 20% of returning veterans have ptsd. we do know we have thousands, thousands of men and women who wear our uniform who have served literally three and four years in iraq and afghanistan. and i am actually encouraged at the direction that this conversation has taken because what i've seen in the media hasn't been so much of this is one rogue soldier, it has been a bit of a reflection of my god, what have we been asking our men
and women in uniform to do and to undergo and the sacrifices they made for this country, and i think that is, you know, out of this tragedy, that is a critical conversation. >> dylan, can i jump in own one point. >> i hope you're right, crystal. i agree with that. go ahead. >> dylan, you talk about whether a war and idea is tenable. i think this goes back to the roots of the conflict. we had george w. bush talk about declaring a global war on terrorism, not a war on traditional nation state. while there are acts of stateless terrorism and loose nuclear wepance and other stateless enemies that we have that we have to deal with seriously, there's a connect i have tissue between the last and current administration, staying deployed, and looking at drone attacks, looking at pakistan and other places where we have a foreign policy that will never have a clear mission or end game because we are not dealing only in states. that's politically hard to deal with because you always want to sound as a politician that you're taking the toughest tact
on terror. i think the baseline of these policies has fundamental flaws. >> almost goes back to the banking conversation, in some ways we know what to do, what not to do in this case, we just don't want to change our behavior. it is like again, it's embarrassing to be an american in that context quite honestly. >> there's a lot of incentives to keep us at war in terms of mass amounts of money that defense contractors spend to encourage lawmakers to enter conflict. >> i would say it is even worse than that. power is exchanged based on fear mongering that the other guy is not that tough, not willing to send him or his family but somebody else he is not related to from rural kentucky or upstate new york where i grew up, or some black guy from the city in l.a. and have him get killed so some politician from tennessee or new york or whatever can look like a tough guy. >> can score a political point. >> it is utterly and profoundly pathetic and embarrassing to be
an american in this context. >> i have to jump in. i'm sorry. i think you know that i love you, i think the parallel with the banking situation and afghanistan is absolutely wrong. i think with the banks, there's a clear solution, lots of vested interest, but there is a clear and good solution. >> i didn't say we knew what to do, i said we knew what not to do. maybe i'm wrong. maybe we don't know it is a bad idea to escalate, do two more years of war in afghanistan, and i am not even thinking that's a bad idea. >> for me, the tragedy of afghanistan actually is i think a lot of the aims going in there were noble, right? i think opposing the taliban is a good idea. >> that wasn't the point. >> i am saying, we have to try to prevent the women of afghanistan from being oppressed by this horrible group. nation building in afghanistan is great. >> it is march 17th. march 17th, 2012.
okay? we have been in this country at the expense of the u.s. taxpayer and expense of the u.s. soldier well in excess of a decade. we tried the experiment when we launched a huge army into that country to pursue osama bin laden. guess what, we got osama bin laden, and we have been in that country, and there's a lot of evidence there may be some other ways to deal with, quote, our war on terror that has nothing to do with a massive multi billion dollar, multi 100,000 soldier ground war that doesn't have a mission. what i'm saying, it is pretty evident that may not be the best path, yet we refuse to change our behavior, much as on banking, we may know what to do. on afghanistan, i'm saying we may have figured out after 12 years of i did i don't see what not to do, but we change our behavior because it is unpopular. wall street, we know what to do, don't want to do it. for the clarity of that point. after this, upside to rising gas prices, that sort of aggravation is forcing some of us to change our behavior, as opposed to fret
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we are back in southern california. home to some of the highest gas prices in the country, not that it is a bargain anywhere. national average is 3.83 a gallon, up more than 30 cents in the past month. the automakers are actually unlike in past years changing, innovating, in fact, consumers are changing in ways that are softening the blows. they're changing their behavior in the production side and corporate side and on the consumer side. what we try to continue to push an honest political conversation about energy, with a mandate to maximize efficiency on residential and commercial transportation, stationary power, our specialist today reports on the industry as road tester for auto week. natalie joins us appropriately
from detroit. unlike some of the other conversations we had, where there's all sorts of challenges and issues, americans and american government corporations refuse to change their behavior. this is one where it seems american corporations and american consumers in light of some of the disruptions and threats are changing their behavior. can you give us a sense on both sides, corporate and consumer? >> absolutely. i mean, there's nothing like higher gas prices to get us to change our behaviors a bit. people scrambled to get out of gas guzzlers into smaller, more fuel efficient vehicles. in some cases, you're throwing away a paid off vehicle for something that you have a payment on for a long time, but sure. automakers are responding with more hybrids and electric vehicles than ever before, and even below that, some of the more conventional vehicles are more fuel efficient than ever
before. >> i think that's absolutely right. i think if you compare fuel efficiency in the u.s. with vehicles in europe, you can see that high prices pushed them to more fuel efficient vehicles. it is about having alternatives to cars. in high density population areas of the united states, we should be taking more trains. and i think we would if trains were better, but that requires a big infrastructure development. i think good news is there are lots of people that need jobs, so you could solve both these problems at the same time. >> yeah. it is encouraging, though, after the discouragement of early portions of the show, looking at the blatant need to change our behavior and refusal to see at least when it comes to energy that you have businesses, automakers, and consumers, that are actually changing their behavior. maybe the difference is
everybody feels gas prices, but almost nobody feels the war in afghanistan and the disconnection between the corruption on wall street and your loss of your job or house, wherever you may be is so vast, it is hard to pin a finger on it. there must be something to the fact that we're all effected by gas, so it is easier to change our behavior, don't you think? >> i do. i always wondered, this is a question i'll kickback, why hasn't gas prices ever created more of a teachable moment. it doesn't seem to be an area where i give very high marks to the public for learning about the underlying conditions. it seems more like something where we get a lot of gimmicks and talk about tax holidays and the like, and newt gingrich gets away with saying he could magically change the price of gas. he says those things because it works i think to some degree. why is that? >> natalie? >> well, the lessons certainly don't seem to stick very long, that's for sure. the ford f-150 was the best selling vehicle in the united states for a generation, and in
2008 when fuel prices spiked, it lost that first place spot for i think a month. and we went right back to buying big trucks and driving our big vehicles. so we learn the lessons for the short term, but you're right, ari, they don't seem to stick around very long. >> hey, natalie, it is chrystia. i was wondering, we have choices with hybrid and electric vehicles. i wonder if you could tell us what's the best buy for your money, considering the gas cost and what's most popular among consumers. >> absolutely. i think most americans are familiar now with toyota prius. it has been such a success story that toyota is expanding, has three vehicles in the lineup. just about every automaker has a hybrid in their portfolio these days, and they're so prevalent that you don't even have a federal incentive any more on them. federal incentives are only
applied to electric vehicles any more, electric and plug in hybrids, which we'll see more of in the coming years. >> well, natalie, a pleasure to have you. i'm going to call this the glass half full segment for the day. it is all sorts of changing behavior, new cars, all the rest of it, compared to war and banks, we look like superstars when it comes to energy. sad as that may be. krystal, ari, natalie, thank you. our team at the south by southwest 2012 get together, interactive, music, we have been spotlighting innovation and entrepreneurship in austin, texas. one of our favorite stops on the 30 million jobs tour. we had a chance to talk to dean came en, enven tore of the segue. here is his view of a new culture of ex-peerm tags.
>> simple solution, create a culture in which kids are as passiona passionate about working hard as the others and create a culture where we celebrate science and technology. >> that's a snippet of that south by southwest coverage. check it out, including that full dean kamen video. and why retailers are feeling better on saint pat riks day. a programming note with martin being on at bill maher. then we are back here on msnbc after this. americans believe they should be in charge of their own future.
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money can't buy luck, which it takes in spades to find a four leaf clover. only one in 10,000 sport that fourth leaf. imagine the odds spotting this. a 56 leafer, set the record in 2009. no word if there was a pot of gold found near the greenery. straight ahead, don't call them sissies. the author that says mama's boys are actually stronger men.
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we're looking at smaller places. >> condos and what not. >> no, but you can come and sleep in the hide away bed whenever you come for like a little visit. >> little. >> visit? >> 29 years old, still living with mom. that's just one of the effects society equates to being a so-called mama's boy. our next guest, a mother herself, says that's not true. kate stone lombardi, author of the mama's boy myth. why keeping them close makes them stronger. what is the essence of your case? >> well, the myth of the mama's boy is that if we keep our sons close, we are going to turn him wimpy, forever dependent on his momma. truth of the matter is moms that keep their sons close tend to raise secure guys that grow up
to be quite independent and do very well. >> and what is that, in other words, can you elaborate on that, on what that research is, how the conclusions were reached? give us a little more information if you don't mind. >> there was quite a bit out there, i was surprised when i started to look into it. like many moms, i had gotten the same old message, don't hold them too close, don't cuddle him, don't coddle him, if you do, he won't grow up and be a real man. i did the research, i discovered benefits from closeness at every level, starting when they're little guys. when you cuddle, coddle, form a close bond with them, far from creating a problem, you give that boy the security he needs. research shows boys that don't have that close bond with their moms go on to be a lot more aggressive and have behavior problems, they're a lot more destructive than little boys that bond closely.
benefits keep going on. there's interesting work on middle school boys that showed that middle school boys close to their moms tend to have a little less strict definition of mass cue lynn tee. they don't view being a man as being tough, autonomous, sucking it up. those boys in turn have less depression and anxiety. closer to your mom, better mental health, right through the teen years, where we have known for awhile that good parental communication can help cut back on risky teen behavior. turns out the mom is the key person that influences the son when it comes to risky decisions about alcohol or drugs or unprotected sex. so all through the life span, serves a boy to stay close to his mom. >> so the danger as a son who loves his mother of what you're saying, of course, the last graphic, the difference between being supportive and close and being controlling, which is not
to suggest in my own reference, feel my mother is controlling, i don't, but i can see where your book could be used, there's a slippery slope between support and affection and concern and now i'm in control of you, which is not just a mama's boy or mom-son phenomenon, but parent child, not uncommon for fathers or mothers to control their children, out of the fear something bad is going to happen to them. how do you make the distinction between control and support? >> yeah. i am not talking about helicopter parenting, which is pretty prevalent, and i actually don't think it is a slippery slope. there's a difference between emotional available and supportive to your son and daughter for that matter than being one of these people who tries to control everything. i mean, the goal of a mother and a father is to raise an independent child. to do that, they need more support, more emotional
connection. that's what ends up making them strong. it is a whole different thing than trying to micromanage their lives, throw rose petals in the way so nothing bad ever happens to them. two very different things. >> one person who is one of my original teachers, certainly a widely respected man in american society today, mike bloomberg who famously calls his mother, i don't know whether he still does, calls his mother at least when he was running that business, i imagine he still does, every morning. your thoughts on sort of the adult male relation, the executive who maintains a close maternal relationship, long after middle school. >> you know, i was surprised, there are actually some pretty well known mama's boys, and using that term mama's boy in the way of having a good, strong relationship with their moms, and not being embarrassed about them. michael phelps, olympic swimmer, real guy's guy, when he won the
eighth gold medal at the beijing olympics, first thing he said when they said how do you feel about this, he said gee, i guess i kind of want my mom. eli manning, close relationship with his mom, the two temper mentally alike, very close. i don't think there's anything wrong with that, if they're interacting as adult to adult, not, you know, still in the parent/child dynamic. >> other examples or tips for folks who may get lost, i know you say you feel like control and support are very different, but you just mentioned the fact if it is two adults in one relationship, it is one thing, if it is not, it is another thing. i'm interested in your analysis of where that distinction is drawn. >> you know, i think when we are raising our kids, they need different things at different ages. i interviewed one mom who her three-year-old was fussing and she was told that boy needed to
man up. now, i don't think a three-year-old needs to man up, and i think most moms' instincts tell them that's true. however, i can remember in my own life when my son was playing high school soccer, he got hurt on the field. you know, you don't go running out and say oh, my poor baby at that age. there's age appropriate ways of dealing with your children so that obviously you're not micro managing their careers when they're 45 either, but that doesn't mean that you ever have to cut off that emotional connection. i think one vermont mom told me why do i have to do a son ekt me on my kid. we don't expect it of mothers and daughters. we expect mothers and daughters can stay connected for their entire lives and no one thinks anything is wrong with it. but with sons, they think there's a cut off point when he is pushed off on his own. it is not necessary and not good for him. >> what does your son think
about the book? >> my son has mixed feelings, probably not for the reasons you think. i think it is always hard. there are a few personal anecdotes and it is hard to have it out in the public, but i did vet it with him. basically, he is pretty proud with the book. gave me a facebook shoutout today that i was going to be on this program, saying so proud of my mom. there's no shame about our closeness, and i interviewed a lot of men for this book, and it is a surprising amount of them said they were really proud of their relationships with their moms. >> there's a cultural phenomenon in this country now that i call the ascending son. the defiant son against the patriarchy that grounds dominance at all costs. i believe it is the foundation of american culture now. how much do you think lack of the intimate relationship you speak of is really contributing to the culture of domination at all costs that we see in places
like the banks or, you see it all over, basically as long as i control you, society, government, whatever it is, then as long as -- if everybody loses their house and job, doesn't matter, as long as i have power, which is sort of the basic leadership structure for a lot of men in this country right now. how much do you think what you're talking about correlates to that culture of dominance over service and community? >> i think it's really relevant to what's going on in this country. one of the things that i discovered in my research is that what moms do with their sons when keeping them close, they teach them emotional intelligence. they teach them to recognize their own feelings, articulate what they're feeling, and teach them to recognize other's feelings, the beginning of empathy. i think this is the way our country needs to move. we, you know, we're not living in an economy where brute strength is valued. we need people who can work in
teams to work out problems. i think moms can be helpful to raise those kind of leaders. >> i agree with that. i thank my own mother for that matter for helping me through my own life in that regard. so a pleasure. congrats on the book. >> thanks so much. thanks for having me. >> all right. coming up on hard ball, chris matthews how the illinois primary is turning into an old fashioned financial brawl. next, a man that calls it how he sees it. de ? susie's lemonade... the movie. or... we make it pink ! with these 4g lte tablets, you can do business at lightning-fast speeds. we'll take all the strawberries, dave. you got it, kid. we have a winner. we're definitely gonna need another one. small businesses that want to grow use 4g lte technology from verizon. i wonder how she does it. that's why she's the boss. because the small business with the best technology rules. contact the verizon center for customers with disabilities at 1-800-974-6006.
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most of its money subsidizing one large, politically connected company? the agency is the export, import bank. the company is boeing. xm subsidizes u.s. companies by giving backed loans or guaranteeds to foreign governments so they will buy things made in america. in the last two years, xm issued $25 billion in loan guarantees, and nearly 17 billion has gone to subsidize boeing sales. that's almost two-thirds. other big manufacturers like general electric, beck tell, haliburton feed at the trough, but the banks love it, too. they get to shift risk to the taxpayer, while pocketing the profit. here is a typical year from last year. boeing wanted to sell some 747s with ge engines to a lucks emboring airline. they brought in jp morgan for financing. so far, regular capitalism, with risk and reward. then xm comes onto the seen.
last july, xm provided $949 million loan guarantee to cover this deal. this lowers costs and thus raises profits for boeing and ge. if the airline defaults on the loan, jp morgan, boeing, ge get paid anyway because the u.s. taxpayer pays the bill. today, the future of this hangs in the balance. if congress does nothing, xm expires may 31st. senate majority leader harry reid wants to expand xm. the defenders are president obama and most of the congressional leadership saying xm creates jobs by subsidizing exports. they forget that the lending capital they steer towards boeing would go to other enterprises if xm weren't involved. so xm may create jobs and profits that the mega corporations it subsidizes while sheltering big banks from risks of capital hitch, but the agency
makes financing harder to come by for the smaller guys who can't afford a lobbyist. call it crean ee capitalism, venture socialism or corporate welfare, but also bipartisan ship. they may object to oil subsidies, republicans holler about loan guarantees for solyndra, nobody seems to mind this going to ge. it is only a group of democrats that oppose that agency. amid election day talk, it is good that taxpayers bare the risk so jp morgan and ge can profit. >> i appreciate the rant. there is a conversation not about democrat versus republican but democrats and republicans that want the state to control everything that happens. they just want to argue about who gets to control